82 FR 50907 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Optional Kill Switch Protection

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 211 (November 2, 2017)

Page Range		50907-50908
FR Document		2017-23828
Federal Register, Volume 82 Issue 211 (Thursday, November 2, 2017)
[Federal Register Volume 82, Number 211 (Thursday, November 2, 2017)]
[Notices]
[Pages 50907-50908]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-23828]



[[Page 50907]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81971; File No. SR-ISE-2017-94]


Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to an 
Optional Kill Switch Protection

October 27, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 18, 2017, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``Commission'') 
the proposed rule change as described in Items I and II below, which 
Items have been prepared by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to memorialize an optional Kill Switch 
protection.\3\ The Kill Switch allows Members to cancel open orders and 
prevent new order submission.
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    \3\ Today, this feature is offered to Members. ISE transitioned 
from its legacy trading system to INET, the current technology, in 
2017. While ISE offered this feature on its legacy system, the 
feature was not codified in the ISE Rulebook. At this time, the 
Exchange is codifying the Kill Switch feature to reflect the 
functionality.
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    The text of the proposed rule change is available on the Exchange's 
Web site at www.ise.com, at the principal office of the Exchange, and 
at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to memorialize its Kill Switch risk 
protection which is applicable to all Members at ISE Rule 711(d). The 
Kill Switch allows Members to cancel open orders and prevent new order 
submission. This feature provides Members with a powerful risk 
management tool for immediate control of their order activity.
    The Kill Switch is an optional tool that enables Members to 
initiate a message(s) \4\ [sic] to the trading system (``System'') to 
promptly cancel orders and restrict entry of new orders until re-entry 
has been enabled. Members may submit a request to the System to cancel 
orders for that Member. Members may not remove orders by symbol using 
the Kill Switch. The System will send an automated message to the 
Member when a Kill Switch request has been processed by the Exchange's 
System.\5\
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    \4\ Members are able to send a message to the Exchange to 
initiate the Kill Switch or they may contact the Exchange directly. 
A message to remove orders may be sent through FIX, OTTO or Precise.
    \5\ Opening Sweep Orders will also be cancelled. Consistent with 
current auction functionality, PIM auction orders and responses will 
not be cancelled. See ISE Rule 723. Other auctions orders and 
responses would cancel. Quotes are unaffected.
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    The Member must send a message to the Exchange to request the 
cancellation of all orders for the Member. The Member is unable to 
enter additional orders until re-entry has been enabled pursuant to 
subsection (d)(2) of Rule 711.
    Proposed subsection (d)(2) stipulates that after orders are 
cancelled by the Member utilizing the Kill Switch, the Member is unable 
to enter additional orders until the Member has made a request to the 
Exchange and Exchange staff has set a re-entry indicator to enable re-
entry.\6\ Once enabled for re-entry, the System will send a Re-entry 
Notification Message to the Member. The applicable Clearing Member for 
that Member also is notified of the re-entry into the System after 
orders are cancelled as a result of the Kill Switch, provided the 
Clearing Member has requested to receive such notification.
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    \6\ The Member must directly and verbally contact the Exchange 
to request the re-set.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \7\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \8\ in particular, in that it is designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general to protect investors and the public interest, 
by memorializing a risk protection available to Exchange Members. This 
risk feature promotes policy goals of the Commission which has 
encouraged execution venues, exchange and non-exchange alike, to offer 
risk protection tools and other mechanisms to decrease risk and 
increase stability. The Exchange believes that memorializing this 
feature will provide Members with specific information on cancelling 
orders.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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    The individual firm benefits of enhanced risk protections flow 
downstream to counter-parties both at the Exchange and at other options 
exchanges, thereby increasing systemic protections as well. This risk 
feature allows Members to enter orders without fear of inadvertent 
exposure to excessive risk, which in turn benefits investors through 
increased liquidity for the execution of their orders, thereby 
protecting investors and the public interest. By memorializing the 
features in this rule change, Members are aware of the impact of 
utilizing this risk tool.
    This optional risk tool as noted above is offered to all Members. 
The Exchange further represents that its proposal operates consistently 
with the firm quote obligations of a broker-dealer pursuant to Rule 602 
of Regulation NMS and that the functionality is not mandatory. 
Specifically, any interest that is executable against a Member's orders 
that are received \9\ by the Exchange, prior to the time the Kill 
Switch is processed by the System, will automatically execute at the 
price up to the Member's size prior to the removal of orders from the 
System as a result of the Kill Switch. The Kill Switch message is 
accepted by the System in the order of receipt in the queue and is 
processed in that order so that interest that is already accepted into 
the System is processed prior to the Kill Switch message.
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    \9\ The time of receipt for an order is the time such message is 
processed by the Exchange Order Book.
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    With respect to providing information regarding the cancellation of 
orders as a result of the Kill Switch to the Clearing Member, each 
Member that transacts through a Clearing Member on the Exchange accepts 
financial responsibility for all Exchange transactions made by the 
Member on

[[Page 50908]]

whose behalf the Clearing Member agrees to clear.\10\ The Exchange 
believes that because Clearing Members guarantee all transactions on 
behalf of a Member, and therefore bear the risk associated with those 
transactions, it is appropriate for Clearing Members to have knowledge 
of the utilization by the member [sic] of the Kill Switch, should the 
Clearing Member request such notification.
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    \10\ See ISE Rule 808(b).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposal does not impose an 
undue burden on intra-market competition because all Members may avail 
themselves of the Kill Switch. The Kill Switch functionality is 
optional. The proposed rule change protects Members in the event the 
Member is suffering from a systems issue or from the occurrence of 
unusual or unexpected market activity that would require them to 
withdraw from the market in order to protect investors. Utilizing this 
Kill Switch will permit the Member to protect itself from inadvertent 
exposure to excessive risk. Reducing such risk will enable Members to 
enter orders without fear of inadvertent exposure to excessive risk, 
which in turn will benefit investors through increased liquidity for 
the execution of their orders. Such increased liquidity benefits 
investors because they receive better prices and because it lowers 
volatility in the options market. For these reasons, the Exchange does 
not believe this proposal imposes an undue burden on inter-market 
competition because other exchanges offer the same functionality, which 
is being memorialized herein.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \11\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative before 30 days from the date of the filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest.
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    \13\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Exchange has asked the Commission to waive the 30-day operative 
delay. The Commission believes that waiving the 30-day operative delay 
is consistent with the protection of investors and the public interest 
because the proposal is similar to the rules of other options exchanges 
and the Exchange's proposal does not raise any new or novel issues. 
Therefore, the Commission hereby waives the 30-day operative delay and 
designates the proposed rule change to be operative upon filing with 
the Commission.\14\
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    \14\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-ISE-2017-94 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2017-94. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-ISE-2017-94, and should be 
submitted on or before November 24, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
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    \15\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2017-23828 Filed 11-1-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices 50907

SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s objectives of Section 6(b)(5) of the Act 8
COMMISSION Statement of the Purpose of, and in particular, in that it is designed to
Statutory Basis for, the Proposed Rule promote just and equitable principles of
[Release No. 34–81971; File No. SR–ISE– Change trade, to remove impediments to and
2017–94] perfect the mechanism of a free and
1. Purpose
open market and a national market
Self-Regulatory Organizations; Nasdaq The Exchange proposes to system, and, in general to protect
ISE, LLC; Notice of Filing and memorialize its Kill Switch risk investors and the public interest, by
Immediate Effectiveness of Proposed protection which is applicable to all memorializing a risk protection
Rule Change Relating to an Optional Members at ISE Rule 711(d). The Kill available to Exchange Members. This
Kill Switch Protection Switch allows Members to cancel open risk feature promotes policy goals of the
orders and prevent new order Commission which has encouraged
October 27, 2017. submission. This feature provides execution venues, exchange and non-
Members with a powerful risk exchange alike, to offer risk protection
Pursuant to Section 19(b)(1) of the
management tool for immediate control tools and other mechanisms to decrease
Securities Exchange Act of 1934
of their order activity. risk and increase stability. The
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
The Kill Switch is an optional tool Exchange believes that memorializing
notice is hereby given that on October
that enables Members to initiate a this feature will provide Members with
18, 2017, Nasdaq ISE, LLC (‘‘ISE’’ or specific information on cancelling
‘‘Exchange’’) filed with the Securities message(s) 4 [sic] to the trading system
(‘‘System’’) to promptly cancel orders orders.
and Exchange Commission (‘‘SEC’’ or The individual firm benefits of
‘‘Commission’’) the proposed rule and restrict entry of new orders until re-
entry has been enabled. Members may enhanced risk protections flow
change as described in Items I and II downstream to counter-parties both at
submit a request to the System to cancel
below, which Items have been prepared the Exchange and at other options
orders for that Member. Members may
by the Exchange. The Commission is exchanges, thereby increasing systemic
not remove orders by symbol using the
publishing this notice to solicit protections as well. This risk feature
Kill Switch. The System will send an
comments on the proposed rule change allows Members to enter orders without
automated message to the Member when
from interested persons. fear of inadvertent exposure to excessive
a Kill Switch request has been
I. Self-Regulatory Organization’s processed by the Exchange’s System.5 risk, which in turn benefits investors
Statement of the Terms of the Substance The Member must send a message to through increased liquidity for the
of the Proposed Rule Change the Exchange to request the cancellation execution of their orders, thereby
of all orders for the Member. The protecting investors and the public
The Exchange proposes to Member is unable to enter additional interest. By memorializing the features
memorialize an optional Kill Switch orders until re-entry has been enabled in this rule change, Members are aware
protection.3 The Kill Switch allows pursuant to subsection (d)(2) of Rule of the impact of utilizing this risk tool.
Members to cancel open orders and 711. This optional risk tool as noted above
prevent new order submission. Proposed subsection (d)(2) stipulates is offered to all Members. The Exchange
that after orders are cancelled by the further represents that its proposal
The text of the proposed rule change
Member utilizing the Kill Switch, the operates consistently with the firm
is available on the Exchange’s Web site
Member is unable to enter additional quote obligations of a broker-dealer
at www.ise.com, at the principal office pursuant to Rule 602 of Regulation NMS
of the Exchange, and at the orders until the Member has made a
request to the Exchange and Exchange and that the functionality is not
Commission’s Public Reference Room. mandatory. Specifically, any interest
staff has set a re-entry indicator to
II. Self-Regulatory Organization’s enable re-entry.6 Once enabled for re- that is executable against a Member’s
Statement of the Purpose of, and entry, the System will send a Re-entry orders that are received 9 by the
Statutory Basis for, the Proposed Rule Notification Message to the Member. Exchange, prior to the time the Kill
Change The applicable Clearing Member for that Switch is processed by the System, will
Member also is notified of the re-entry automatically execute at the price up to
In its filing with the Commission, the the Member’s size prior to the removal
Exchange included statements into the System after orders are
cancelled as a result of the Kill Switch, of orders from the System as a result of
concerning the purpose of and basis for the Kill Switch. The Kill Switch
the proposed rule change and discussed provided the Clearing Member has
requested to receive such notification. message is accepted by the System in
any comments it received on the the order of receipt in the queue and is
proposed rule change. The text of these 2. Statutory Basis processed in that order so that interest
statements may be examined at the that is already accepted into the System
The Exchange believes that its
places specified in Item IV below. The is processed prior to the Kill Switch
proposal is consistent with Section 6(b)
Exchange has prepared summaries, set message.
of the Act 7 in general, and furthers the
forth in sections A, B, and C below, of With respect to providing information
the most significant aspects of such 4 Members are able to send a message to the
regarding the cancellation of orders as a
statements. Exchange to initiate the Kill Switch or they may result of the Kill Switch to the Clearing
asabaliauskas on DSKBBXCHB2PROD with NOTICES

contact the Exchange directly. A message to remove Member, each Member that transacts
1 15 U.S.C. 78s(b)(1). orders may be sent through FIX, OTTO or Precise. through a Clearing Member on the
5 Opening Sweep Orders will also be cancelled.
2 17 CFR 240.19b–4. Exchange accepts financial
3 Today, this feature is offered to Members. ISE Consistent with current auction functionality, PIM
auction orders and responses will not be cancelled.
responsibility for all Exchange
transitioned from its legacy trading system to INET,
the current technology, in 2017. While ISE offered See ISE Rule 723. Other auctions orders and transactions made by the Member on
this feature on its legacy system, the feature was not responses would cancel. Quotes are unaffected.
6 The Member must directly and verbally contact 8 15
U.S.C. 78f(b)(5).
codified in the ISE Rulebook. At this time, the
Exchange is codifying the Kill Switch feature to the Exchange to request the re-set. 9 Thetime of receipt for an order is the time such
reflect the functionality. 7 15 U.S.C. 78f(b). message is processed by the Exchange Order Book.

VerDate Sep<11>2014 22:28 Nov 01, 2017 Jkt 244001 PO 00000 Frm 00053 Fmt 4703 Sfmt 4703 E:\FR\FM\02NON1.SGM 02NON1
50908 Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices

whose behalf the Clearing Member become effective pursuant to Section Paper Comments
agrees to clear.10 The Exchange believes 19(b)(3)(A)(iii) of the Act 11 and
that because Clearing Members subparagraph (f)(6) of Rule 19b–4 • Send paper comments in triplicate
guarantee all transactions on behalf of a thereunder.12 to Secretary, Securities and Exchange
Member, and therefore bear the risk Commission, 100 F Street NE.,
A proposed rule change filed under
associated with those transactions, it is Washington, DC 20549–1090.
Rule 19b–4(f)(6) normally does not
appropriate for Clearing Members to become operative before 30 days from All submissions should refer to File
have knowledge of the utilization by the the date of the filing. However, pursuant Number SR–ISE–2017–94. This file
member [sic] of the Kill Switch, should
to Rule 19b–4(f)(6)(iii),13 the number should be included on the
the Clearing Member request such
Commission may designate a shorter subject line if email is used. To help the
notification.
time if such action is consistent with the Commission process and review your
B. Self-Regulatory Organization’s protection of investors and the public comments more efficiently, please use
Statement on Burden on Competition interest. only one method. The Commission will
The Exchange does not believe that The Exchange has asked the post all comments on the Commission’s
the proposed rule change will impose Commission to waive the 30-day Internet Web site (http://www.sec.gov/
any burden on competition not operative delay. The Commission rules/sro.shtml). Copies of the
necessary or appropriate in furtherance believes that waiving the 30-day submission, all subsequent
of the purposes of the Act. The proposal operative delay is consistent with the amendments, all written statements
does not impose an undue burden on protection of investors and the public with respect to the proposed rule
intra-market competition because all interest because the proposal is similar change that are filed with the
Members may avail themselves of the to the rules of other options exchanges Commission, and all written
Kill Switch. The Kill Switch and the Exchange’s proposal does not communications relating to the
functionality is optional. The proposed raise any new or novel issues. proposed rule change between the
rule change protects Members in the Therefore, the Commission hereby Commission and any person, other than
event the Member is suffering from a waives the 30-day operative delay and those that may be withheld from the
systems issue or from the occurrence of designates the proposed rule change to public in accordance with the
unusual or unexpected market activity be operative upon filing with the provisions of 5 U.S.C. 552, will be
that would require them to withdraw Commission.14
from the market in order to protect available for Web site viewing and
investors. Utilizing this Kill Switch will At any time within 60 days of the printing in the Commission’s Public
permit the Member to protect itself from filing of the proposed rule change, the Reference Room, 100 F Street NE.,
inadvertent exposure to excessive risk. Commission summarily may Washington, DC 20549 on official
Reducing such risk will enable Members temporarily suspend such rule change if business days between the hours of
to enter orders without fear of it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of the
inadvertent exposure to excessive risk, action is: (i) Necessary or appropriate in filing also will be available for
which in turn will benefit investors the public interest; (ii) for the protection inspection and copying at the principal
through increased liquidity for the of investors; or (iii) otherwise in office of the Exchange. All comments
execution of their orders. Such furtherance of the purposes of the Act. received will be posted without change.
increased liquidity benefits investors If the Commission takes such action, the Persons submitting comments are
because they receive better prices and Commission shall institute proceedings cautioned that we do not redact or edit
because it lowers volatility in the to determine whether the proposed rule personal identifying information from
options market. For these reasons, the should be approved or disapproved.
comment submissions. You should
Exchange does not believe this proposal IV. Solicitation of Comments submit only information that you wish
imposes an undue burden on inter- to make available publicly. All
market competition because other Interested persons are invited to submissions should refer to File
exchanges offer the same functionality, submit written data, views, and Number SR–ISE–2017–94, and should
which is being memorialized herein. arguments concerning the foregoing, be submitted on or before November 24,
including whether the proposed rule 2017.
C. Self-Regulatory Organization’s
change is consistent with the Act.
Statement on Comments on the For the Commission, by the Division of
Comments may be submitted by any of
Proposed Rule Change Received From Trading and Markets, pursuant to delegated
the following methods:
Members, Participants, or Others authority.15
No written comments were either Electronic Comments Eduardo A. Aleman,
solicited or received. • Use the Commission’s Internet Assistant Secretary.
III. Date of Effectiveness of the comment form (http://www.sec.gov/ [FR Doc. 2017–23828 Filed 11–1–17; 8:45 am]
Proposed Rule Change and Timing for rules/sro.shtml); or BILLING CODE 8011–01–P
Commission Action • Send an email to rule-comments@
Because the foregoing proposed rule sec.gov. Please include File Number SR–
asabaliauskas on DSKBBXCHB2PROD with NOTICES

change does not: (i) Significantly affect ISE–2017–94 on the subject line.
the protection of investors or the public
interest; (ii) impose any significant 11 15 U.S.C. 78s(b)(3)(A)(iii).
burden on competition; and (iii) become 12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
operative for 30 days from the date on
14 For purposes only of waiving the operative
which it was filed, or such shorter time
delay for this proposal, the Commission has
as the Commission may designate, it has considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
10 See ISE Rule 808(b). 15 U.S.C. 78c(f). 15 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 22:28 Nov 01, 2017 Jkt 244001 PO 00000 Frm 00054 Fmt 4703 Sfmt 9990 E:\FR\FM\02NON1.SGM 02NON1
Document Created: 2017-11-02 02:41:23
Document Modified: 2017-11-02 02:41:23
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 50907